Firm’s purchase of 266,550-square-foot office park coincides with renewed demand for suburban office space as workforce returns
ATLANTA (June 10, 2021) – Bridge Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge Office) announced today the acquisition of Brookside I and II, a pair of 5-story, Class-A office buildings at 3625 and 3655 Brookside Parkway in Alpharetta, Georgia. The acquisition bolsters the company’s Metro Atlanta footprint to more than 2.95 million square feet across 18 buildings, and coincides with burgeoning demand in suburban office markets as companies put greater emphasis on flexibility, value and closer proximity to the homes of employees.
Located off Old Milton Parkway and the Georgia 400 interchange, Brookside I and II are just one mile from Avalon, an 86-acre mixed-use development with more than 500,000 square feet of high-end retail, a full-service hotel, single-family residences and luxury home rentals. More than 10 restaurants lie within a short walk of the property, and the campus is also just a few minutes away from downtown Alpharetta.
Developed in 2000, the 19.69-acre office park recently underwent a multi-million dollar renovation to expand tenant amenities, including new lobbies, a tenant lounge, conference center and an upgraded, four-level outdoor terrace. Available office spaces at Brookside range from 1,755 to 27,644 square feet. Bridge’s Director of Leasing Scott Rees and Senior Leasing Associate Trey Weghorst will oversee leasing for the property.
“Brookside is surrounded by a bevy of premier shopping, dining and entertainment destinations, helping to fuel favorable conditions for rent growth and long-term asset value in the years ahead as more employers gravitate to North Fulton and other high-growth suburbs,” said Jeff Shaw, CEO of Bridge Commercial Real Estate. “Now more than ever, companies need to know how their physical office space will create tangible value while also being cognizant of evolving desires for where their employees want to live and work. We’re pleased to finalize our acquisition as we continue to create next-generation workplaces that generate meaningful results for our tenants.”
This latest purchase marks the company’s third purchase in the suburban North Fulton submarket, which currently includes Royal Centre and The Park at Windward Concourse. According to a recent report from Cushman & Wakefield, suburban office submarkets accounted for more than 80% of all leasing activity in Metro Atlanta in Q1 2021.
“Our leasing team looks forward to showing off this property’s versatility to future tenants who are looking for an office park that offers a best-in-class location and Class A tenant amenities,” said Rees. “Brookside has something for everyone, ranging from smaller, move-in ready spec suites to larger options for corporate end users. We anticipate great interest in the project as we move forward with the launch phase of our campaign.”
Cushman & Wakefield represented the seller, Equus Capital Partners, in the transaction.
Bridge Commercial Real Estate LLC, Bridge’s Office operating company will oversee management of the property. For more information on available space at Brookside Office Park, click here.
Bridge also recently launched Abridge, a new flexible-term office program that connects businesses with move-in ready office space more quickly and efficiently without sacrificing their individual brand and workspace. The first phase is underway with a total of 158,000 square feet at six Class-A properties across the country, including 1277 Lenox Park and The Dupree in Atlanta, Georgia; Flagler Station in Miami, Florida; Makers Point in Reston, Virginia; Tower 1320 in Irving, Texas; and West End Office Park in Minneapolis, Minnesota. Additional phases are under design with a target to deliver approximately one million square feet of inventory across Bridge’s national office portfolio.
About Bridge Investment Group (“Bridge”) is a privately-held real estate investment management firm with $26+ billion in assets under management. Bridge combines its 1,650+ person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing, opportunity zones, and fixed income strategies.
About Bridge Commercial Real Estate (“BCRE”) is a fast-rising player in the U.S. commercial office market that specializes in creating desirable, next-generation work spaces. BCRE provides world-class commercial office brokerage services, property management, accounting and commercial construction services for Bridge Office assets. With a proven blueprint that delivers long-term value for tenants and investors, our portfolio includes office properties uniquely positioned in dynamic, high-growth markets across the U.S. and continues to grow. We are laser focused on how companies work today – and will work tomorrow. Headquartered in Atlanta, Georgia and Salt Lake City, Utah, BCRE is a subsidiary of Bridge Investment Group, LLC